Albert Wenger

It's just we can't be creating the money and giving it to banks.

We have to create the money and give it to people.

it's still going to enter the economy.

It's just going to enter at a different spot.

And the way I tend to think about this is, I'm now, thankfully, very well off.

I can easily get a loan, not just for a second home.

I could get a loan for a third home.

at a time when many other people can't afford a home at all, right?

And so why is that?

It's because the place money gets great in the economy is with the commercial banks.

The central bank presses a button and the commercial banks have more money, and then they are allocating where that money goes.

Whereas if the, and you said it earlier, funny enough, you literally used the word, well, you know, during the crisis now we're sending checks to everybody.

That's literally what we're doing.

We're sending checks to everybody because we're not set up to push a similar button and have the Fed create money in all individuals' accounts.

And that's all it would take.

All it would take to get to a UBI world is to just switch to that system where the way money gets created is it gets created in each of everybody's accounts.

And then it enters the economy there.

And then it still finds its way to banks.

I mean, you know, and banks will still make loans and so forth.

It's just that when they want to make the loan, they need to find the money first and they can make the loan.